1. Choose a Partnership Firm Name: Select a unique name for your partnership firm and ensure it does not infringe on any existing trademarks or business names.
2. Create a Partnership Deed: Prepare a Partnership Deed that outlines the terms and conditions of the partnership, including capital contributions, profit sharing ratios, and rights and responsibilities of partners.
3. Obtain PAN and TAN: Apply for a Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) for your partnership firm from the respective authorities.
4. Register for Goods and Services Tax (GST): If applicable, register your partnership firm for Goods and Services Tax (GST) with the GSTN portal.
5. Open a Bank Account: Open a bank account in the name of your partnership firm. Most banks require a Partnership Deed, PAN, and identity/address proof of partners to open an account.
6. Optional Registration with Registrar of Firms: While not mandatory, you can choose to register your partnership firm with the Registrar of Firms. This provides legal validity to the partnership and enables you to enforce certain rights.